MORNBFI Vol. 1 - Planters Development Bank

§§ 4806Q.1.e.1. - 4806Q.2.a.11.12.31covered institution shall, at the minimum,obtain the true and full name, place anddate of birth or date of registration, asthe case may be, present address, natureof work or business, and source of fundsas if the account was opened by themseparately. Where the covered institutionis required to report a CT or circumstanceswarrant the filing of an ST, it shall obtainsuch other information on every trustor,principal, beneficial owner, or person onwhose behalf the account is being openedin order that a complete and accuratereport may be filed with the AMLC.In case a covered institution entertainsdoubts that the trustee, nominee, agent orintermediary is being used as a dummy incircumvention of existing laws, it shallapply enhanced due diligence inaccordance with Subsec. 4806Q.1.b.(Circular No. 706 dated 05 January 2011)§ 4806Q.1.e.2. Outsourcingarrangement. Subject to existing rules onoutsourcing of specified bankingactivities, a covered institution, withoutprior Monetary Board approval, mayoutsource to a counterparty the conductof the requisite face-to-face contact:Provided, That such arrangement isformally documented and: Providedfurther, That the conditions under Subsec.4806Q.2.d are met.If the counterparty is an entity otherthan a covered institution as hereindefined, covered institutions shall ensurethat the employees or representatives ofthe counter-party conducting the face-tofacecontact undergo equivalent trainingprogram as that of its front-linersundertaking a similar activity. Coveredinstitutions shall likewise monitor andreview annually the performance of thecounter-party to assist it in determiningwhether or not to continue with thearrangement.(Circular No. 706 dated 05 January 2011)§ 4806Q.1.e.3. Third party relianceWhere a third party as defined underSubsec. 4806Q.2.e.1. has alreadyconducted the requisite face-to-facecontact on its own customer who wasreferred to a covered institution, the lattermay rely on the representation of the thirdparty that it has already conductedface-to-face contact: Provided, That thepertinent requirements in Subsec.4806Q.2.e.1. are also met.(Circular No. 706 dated 05 January 2011)§ 4806Q.2 Customer identificationCovered institutions shall establish andrecord the true identity of its customersbased on valid identification document/sspecified in Subsec. 4806Q.2.c.(Circular No. 706 dated 05 January 2011)§ 4806Q.2.a. New individual customersCovered institutions shall develop asystematic procedure for establishing thetrue and full identity of new individualcustomers and shall open and maintain theaccount only in the true and full name ofthe account owner or owners.Unless otherwise stated in this Part,average due diligence requires that thecovered institution obtain, at the time ofaccount opening, all the followingminimum information and confirming theseinformation with the valid identificationdocuments stated in Subsec. 4806Q.2.c.from individual customers and authorizedsignatory/ies of corporate and juridicalentities:1. Name;2. Present address;3. Date and place of birth;4. Nature of work, name of employeror nature of self-employment/business;5. Contact details;6. Specimen signature;7. Source of funds;8. Permanent address;9. Nationality;Manual of Regulations for Non-Bank Financial InstitutionsQ RegulationsPart VIII - Page 11